Trump’s criticism of cryptocurrencies is applicable to the dollar, say Latin-American spokespeople. Others believe that Trump reflects uncertainty in the face of the loss of the monopoly on sending money.

US President Donald Trump provoked reactions among various players in the cryptocurrency industry, with the posting of a thread of critical tweets on this subject. Renowned spokespeople, as well as NGO leaders and exchange houses in the United States, talked about Trump’s comments. Some actors within the Spanish-American cryptocurrency ecosystem were asked to express their opinion about the North American leader’s tweets.

Through Twitter, one of his preferred means of expressing his opinions, the US president said that he was not a Bitcoin fan. In the first 240 characters, Trump indicated that he does not consider cryptocurrencies money, since they are volatile and their value is based on air. He also stated that unregulated digital assets facilitate unlawful behavior, such as drug trafficking.

According to Miguel Klagges, President of the NGO Bitcoin Chile, the US President’s comments are “laughable, considering that Mr. Trump’s criticism of cryptocurrencies is equally applicable to the dollar to a much greater extent.”

Klagges believes that the dollar may also be “based on air.” The activist said that is only people’s faith in the solvency of banks which maintains the traditional economic system, which is already questioned on many aspects. He also referred to the dollar as criminal organizations’ preferred currency and the most used in the black market worldwide.

Santiago Molins, Head of Technology and Innovation at Athena Bitcoin Argentina, dismissed President Trump’s criticism, considering that his approach to the subject was not as aggressive as it usually is in his critical tweets. He noted that Trump talks about possible uses of cryptocurrencies for illicit activities, forgetting to mention that the same applies to any currency.

In the technological expert’s opinion, the most relevant thing that President Trump said is shown at the end of the thread of tweets, where he states that “the dollar will always be the best currency.”

Molins believes that prosperity and success are not inherent properties in a dynamic world Hence, he considers that that statement cannot be taken seriously but as a mere expression of desire. He interprets this desire as arising from the uncertainty caused by having lost the monopoly of sending money worldwide.

Molins claims that the weakening of the monopoly, which traditionally allows money to be sent only “through banks, from banks that are from the USA,” is what is behind Trump’s tweets.

On his part, Sebastián Serrano, CEO of the exchange house Ripio, indicated as the most transcendental of Trump’s opinions on Twitter “that Bitcoin and cryptocurrencies are beginning to have a greater relevance.” In this regard, he stressed that increasingly important players, such as the president of the United States, have to express an opinion and talk about the subject.

Economist José Antonio Bravo has been a participant in the Bitcoin and cryptocurrency ecosystem in Spain since 2014. He stated that the fact that President Trump has posted those tweets is evidence “that they have reached a state of generalized knowledge, at least as an investment asset.”

Bravo argues that, undoubtedly, Bitcoin and cryptocurrencies are heading toward the following stages, which are taking hold as a store of value and then as a means of payment.

By Willmen Blanco

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